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Diversified strategies

Carmignac Portfolio Patrimoine Europe

European marketSRI Fund Article 8
Share Class

LU1744628287

An all-weather European Fund
  • Search for the best way to invest in innovative, quality companies across asset classes, countries and sectors.
  • Dynamic and flexible management to quickly adapt to market movements.
Key documents
Monthly Factsheet (including ESG data)
Asset Allocation
Other34.2 %
Bonds33.2 %
Equities32.6 %
Data as of:  Jan 31, 2025.
Risk Indicator

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2

3

4

5

6

7

Lowest risk Highest risk
Recommended Minimum Investment Horizon
3 years
Cumulative Performance since launch
+ 39.9 %
0.0 %
+ 19.7 %
+ 3.8 %
+ 9.5 %
From 29/12/2017
To 20/02/2025
Calendar Year Performance 2024
-
-
-
- 4.8 %
+ 18.7 %
+ 13.9 %
+ 9.5 %
- 12.7 %
+ 2.1 %
+ 7.3 %
Net Asset Value
139.87 €
Asset Under Management
510 M €
Market
European market
SFDR - Fund Classification

Article

8
Data as of:  Feb 20, 2025.
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor).
Diversified strategiesCarmignac Portfolio Patrimoine Europe
Diversified strategiesCarmignac Portfolio Patrimoine Europe
Share Class

LU1744628287

Overview

Characteristics & Risks

Performance

Portfolio

ESG

Documents

Carmignac Portfolio Patrimoine Europe fund performance

Take a look at the Fund's performance supported by our Fund managers’ market commentary and strategy insight.

Our monthly comments

Data as of:  Jan 31, 2025.
Fund management team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager

Market environment

  • The beginning of the year was marked by the arrival of the Trump administration, which quickly threatened to introduce tariffs, alongside the Chinese threat to US technology.
  • From a macroeconomic perspective, data confirmed recent trends, with a robust US economy (GDP up by 0.6% over the quarter) and a sluggish European economy showing tentative signs of improvement.
  • The Federal Reserve paused its easing cycle in January after three consecutive cuts. Conversely, the European Central Bank cut its deposit rate by 25 bps in response to more moderate growth.
  • The equities markets started the year strongly, with Europe outperforming the US for a change.
  • The emergence of China's generative AI Deepseek, which is both powerful and cost-effective, has called into question the investment trajectory of US giants in this field, significantly impacting the semiconductor sector.
  • Regarding interest rates, Trump's return to power fueled fears of fiscal largesse and persistent inflation, leading to a rise in rates over the first two weeks. Subsequently, favorable inflation figures and concerns about US tech led to a decline in rates in the second half of the month.
  • In the credit markets, spreads tightened over the month. Simultaneously, the weakness of the US dollar favored emerging market debt.

Performance commentary

  • The fund began the year with strong performance, surpassing its reference indicator.
  • European equity markets experienced significant growth, and our strategy of investing in high-quality companies proved successful throughout the month.
  • Key contributors to the monthly performance included SAP, Hermès, and Experian, each achieving gains exceeding 15%.
  • In the fixed income sector, our prudent approach to sovereign bonds and substantial exposure to credit continued to deliver both absolute and relative performance.
  • Furthermore, our diversification strategies in commodities (gold, palladium, and silver) and our long positions in the BRL/EUR exchange rate positively impacted performance.

Outlook strategy

  • In the coming months, we anticipate significant volatility due to the interventions and negotiations of the new Trump administration, which could impact various sectors and the markets overall.
  • Nevertheless, President Trump's emphasis on economic growth is expected to initially support risky assets, bolstering our strategy of maintaining a high exposure to equities and credit.
  • In Europe, we observe that investor pessimism appears to be fully, if not excessively, reflected in the market.
  • Despite this, there are several reasons for cautious optimism: the elections in Germany and developments in Ukraine and China could serve as positive catalysts for the European economy and markets.
  • The Fund is strategically positioned to capitalize on the potential resurgence of interest in a region that has been largely overlooked by investors.

Performance Overview

Data as of:  Feb 20, 2025.
View Performance in detail
​Past performance is not necessarily indicative of future performance. Performances are net of fees (excluding possible entrance fees charged by the distributor). Until 31/12/2021, the reference indicator was 50% STOXX Europe 600, 50% BofA Merrill Lynch All Maturity All Euro Government Index. The performances are presented using the chaining method.Morningstar Rating™ :  © Morningstar, Inc. All Rights Reserved. The information contained herein: is proprietary to Morningstar and/or its content providers; may not be copied or distributed; and is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Source: Carmignac at 22/02/2025

Carmignac Portfolio Patrimoine Europe Portfolio overview

Below is an overview of the composition of the portfolio.

Geographical Breakdown

Data as of:  Jan 31, 2025.
Europe100.0 %
Total % Equities100.0 %
Europe100.0 %
frFrance
26.4 %
deGermany
21.1 %
chSwitzerland
12.8 %
dkDenmark
12.5 %
nlNetherlands
12.4 %
seSweden
5.8 %
itItaly
3.9 %
ieIreland
3.5 %
esSpain
1.6 %
ptPortugal
-
View Portfolio allocation

Key figures

Below are the key figures for the Fund, which will give you a clearer idea of the Fund's equity and bond management and positioning.

Exposure Data

Data as of:  Jan 31, 2025.
Equity Investment Weight32.6 %
Net Equity Exposure37.6 %
Active Share86.9 %
Modified Duration2.3
Yield to Maturity3.6 %
Average RatingA-
Yield to Maturity (YTM) is the estimated annual rate of return expected on a bond if held until maturity and assuming all payments made as scheduled and reinvested at this rate. For perpetual bonds, the next call date is used for computation. Note that the yield shown does not take into account the FX carry and fees and expenses of the portfolio. The portfolio’s YTM is the weighted average individual bonds holdings' YTMs within the portfolio.

The strategy in a nutshell

Discover the Fund’s main features and benefits through the words of the Fund Managers.
Fund Management Team
[Management Team] [Author] Denham Mark

Mark Denham

Head of Equities, Fund Manager

Jacques Hirsch

Fund Manager
We look for performance drivers across asset classes, sectors and countries in Europe with an objective to provide a resilient portfolio, able to quickly adapt to challenging market movements.

Jacques Hirsch

Fund Manager
View Fund's characteristics

Related articles

Find out more
All analysis
View characteristics and risks
Reference to certain securities and financial instruments is for illustrative purposes to highlight stocks that are or have been included in the portfolios of funds in the Carmignac range. This is not intended to promote direct investment in those instruments, nor does it constitute investment advice. The Management Company is not subject to prohibition on trading in these instruments prior to issuing any communication. The portfolios of Carmignac funds may change without previous notice.
The reference to a ranking or prize, is no guarantee of the future results of the UCIS or the manager.
Carmignac Portfolio is a sub-fund of Carmignac Portfolio SICAV, an investment company under Luxembourg law, conforming to the UCITS Directive.